Beyond philanthropy: corporate social responsibility in the Nigerian insurance industry

The purpose of this paper is to show that given the dearth of literature on how firms in the African continent have embraced and practiced corporate social responsibility (CSR), this study contributes to the CSR literature by examining managers' perceptions about CSR, structural changes to enhance, its implementation, and the pattern of current CSR actions in Nigeria.

The study used quantitative approach and collected primary data through a three‐part structured questionnaire, from insurance firms operating in Nigeria. The 67 responses received were analysed descriptively and the results presented.

The overall results indicate a strong support for social responsibility and the translation of this support into action through involvement in some community based projects. Evidence from the study also suggests that social responsibility is still largely perceived as a philanthropic gesture.

The study only covers insurance firms operating in Lagos state. Furthermore, only one response represents the view of a firm, hence the need to exercise caution in generalizing the results.

Since the results suggest the readiness of the Nigerian insurance firms to go beyond the traditional view of profit and shareholders' wealth maximization, there must be a consistency between this posture and their actions.

The study provides an insight into perceptions about corporate social responsibility in the insurance industry, in a developing country and in Africa, which to the best knowledge of the author, have not been done before.